Business
Ministry Inaugurates Youth Empowerment Scheme
The Rivers State Ministry of Employment Generation and Empowerment has commenced the empowerment of unemployed Rivers youth through its Strategic Waste Recycling Programme.
The programme, which enjoys the support of the State Ministry of Environment and the Environmental Sanitation Authority (RSESA), involves the payment of N1000.00 for every 100 empty plastic bottles or metal cans returned to the Employment Ministry by an unemployed youth in the state.
Addressing newsmen shortly after the programme’s kick-off in Port Harcourt on Friday, the commissioner in charge of the ministry, Dr. Ipalibo Harry, said that the exercise is aimed at engaging unemployed young men in the face of very limited availability of white-collar jobs.
“Part of my job is to ensure that we keep our young men engaged in one form of work or the other; and it looks to me like the opportunities available for white-collar jobs are very, very slim. For that reason, the state government has mandated that we do whatever that is possible to keep our young men engaged. So, this came in necessarily to assist our young men by way of empowering them while at the same time solving the environmental problems that we experience in this part of the country,” he said.
Besides the economic gains to the youth, the programme is also aimed at reducing the incidence of flooding in the state.
According to the commissioner, the state governor, Rt. Hon. Chibuike Amaechi, has approved that flooding can actually be reduced in the state by taking away the plastics that are found in the drains and on the streets; and because a good number of our young men are idle, the thinking to get their minds engaged in picking these recyclables and exchanging such for money became very necessary.
He described the programme as being strategic in the sense that it is also intended to domesticate the practice of waste segregation whereby people establish different receptacles within their homes for putting degradable and non-degradable wastes.
“Over time, the Ministry of Environment has been struggling to teach our people to do this, but by this conduct you will see that if somebody knows that he is going to get money from plastics at home, he will begin to separate such from the degradable waste. And gradually you will see that the culture of waste segregation from home will begin to grow.”
Harry, therefore, urged unemployed youths in the state to take advantage of the scheme to generate income for themselves while waiting for better job openings. He advised such persons to take their collections to Plot 11, Sani Abacha Road, near Elkan Terrace Hotel, Port Harcourt, where officials of his ministry will be on hand to attend to them between 10.00am and 2.00pm daily.
He said that the programme will continue as long as there are empty plastic bottles and cans to be taken out of the streets, but that his ministry intends to undertake a review of the exercise in March.
Some of the young men and women who received instant cash payments after turning in their recyclables expressed delight at the ministry’s youth empowerment initiative.
One of them, Bapakaye Wariboko, said that he heard about the programme over the radio and then mobilised some holidaying school kids whom he paid over N70,000 to gather the 16,300 plastic bottles from which he had just earned N163,000.
The political science student of the University of Port Harcourt who hopes to realise about N1.5 million from the programme, said that the money will be used mainly to pay school fees and also procure textbooks at the resumption of classes after the ongoing ASUU strike.
Amos Taribo of Degema Local Government Area is another beneficiary. He learnt about the programme through a friend. The 450 plastic bottles he submitted were mainly pickings from bars and restaurants.
Other participants who spoke with The Tide while awaiting their turns during the counting process also lauded the scheme but decried the use of manual counting method instead of a time-saving weighing machine.
Over 280,000 empty plastic bottles and cans were handed in before 2.00pm on that day.
Ibelema Jumbo
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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